Selling a mortgage note is a big decision. With so many companies out there offering to buy, it can be difficult to know who is a reputable note buyer in Long Island. Before you agree to work with anyone, make sure to do your research on all potential buyers. There are a few key things to look for when working with a note buyer, these include:
1. Knowing the difference between a note buyer and note broker.
People often interchange the two terms, but the services can be quite different. A note broker is similar to a real estate broker. They act as a middle-man between a buyer and seller. They make the connections and facilitate the deal in exchange for a commission. A note buyer purchases directly, typically without any fees or commissions. Working directly with the buyer can save you time and money.
2. They have been in business for awhile.
Just because they are new to note buying, doesn’t mean they aren’t trustworthy. Just make sure they have experience with notes, whether as a broker or buyer. You will want to work with someone who has extensive local market knowledge and prides their reputation by providing fair and honest service. They should have a website, testimonials and checkable references.
3. What do others have to say about them?
In addition to checking references, see what other people have to say. Look them up on the BBB to verify there aren’t any complaints. Look for google reviews and find out what the internet has to say. Do they have a facebook page? Do they allow for reviews to be posted?
4. Your initial impression of them can say a lot.
Selling a mortgage note can often come with many questions. Do they take the time to answer all of yours? Their process should be open and transparent. They should be personable and straightforward, letting you know what to expect every step of the way. You should never feel rushed into a decision or pressured to sell in any way. They should always answer the phone or call you back right away if they were helping someone else when you called. You should feel a sense of security, knowing you have chosen to work with the right people!
5. How does their offer compare to other options?
A reputable company isn’t going to bother you with high-pressure sales. When you work with a company like LI Off Market Deals, you will simply be provided with information so you can make the best decision for your situation. You have many options and there are many people you can work with. We encourage you to explore your options, ask us questions and make the decision that will best fit your needs!
6. They make an offer without a commitment from you.
Getting an offer for your note should never require any commitment from you. While their offer might expire, you should be able to receive an offer without signing any contracts or agreements to sell. When you call LI Off Market Deals you will never have to worry about hassle or commitment. We keep your best interest in mind and are here to help if you want to sell a mortgage note in Long Island.